The list of all accounts in your company is called the chart of accounts. The chart of accounts defines the accounts in your general ledger and categorizes them into assets, liabilities, equity, income, and expense accounts. The setup for your chart of accounts determines how your Profit & Loss and Balance Sheet reports look and what information they contain.
The QuickBooks Conversion Tool converts most of your account-related data, except when the information is unique to Small Business Accounting/Office Accounting.
The following tables list the chart of accounts data that will be converted (or not converted).
Small Business Accounting/Office Accounting Account Type
QuickBooks Account Type
Cash (Petty Cash)
Accounts Receivable (Small Business Accounting/Office Accounting has only one A/R account)
Other Current Asset
Inventory Asset (unique to Small Business Accounting/Office Accounting)
Cash (Undeposited Funds)
Fixed Asset & Accumulated Depreciation
Accounts Payable (Small Business Accounting/Office Accounting has only one A/P account)
Other Current Liability
Long Term Liability
Cost of Goods Sold
Small Business Accounting/Office Accounting Unsupported Account Type
Small Business Accounting/Office Accounting System Account
Default QuickBooks Account (and Account Type)
Opening Balances (Equity)
Accounts Receivable (Accounts Receivable)
Accounts Payable (Accounts Payable)
Sales Tax Payable
Sales Tax Payable (Current Liability)
Cash Discounts Given
Cash Discounts Given (Income)
Cash Discounts Taken
Cash Discounts Taken (Cost of Goods Sold)
Undeposited Funds (Cash Account)
Bank Charge (Expense)
Retained Earnings (Equity)
Pending Item Receipts
Pending Item Receipts (Current Liability)
Job Resell Account
Job Resell Account (Income)
Write Off Account
Write Off Account (Income)
Account Name in Small Business Accounting/Office Accounting. Limited to 31 characters.
Accounts are renumbered during the conversion process, so account numbers will be different between QuickBooks and Small Business Accounting/Office Accounting. The original account number is stored in the converted account's Description field.
Account numbers are limited to 7 characters and must be unique within the company.
The Account name indicates the main (Parent) account name (by type). If you want to organize accounts, you can create subaccounts. For example, you might want to group the subaccounts "Electric" and "Water" under the account "Utilities."
During the conversion, QuickBooks may create several new accounts in the new company file. For more information, see New accounts created when converting companies from other software.